Although the slump in the University of Michigan consumer confidence index to a 12-month low of 85.7 in September, from 91.9, left it well below the consensus forecast at 91.1 it was almost exactly in line with our own 85.0 projection. As we explained in our data preview, other less-watched measures of confidence had already fallen sharply in response to the recent turmoil in global stock markets, so there was a good chance this measure would follow suit.
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